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Unaudited Financial Statements for the Year Ended 29 February 2020 |
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Milber Developments Limited |
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Unaudited Financial Statements for the Year Ended 29 February 2020 |
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for |
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Milber Developments Limited |
Milber Developments Limited (Registered number: 08884623) |
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Contents of the Financial Statements |
for the Year Ended 29 February 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Milber Developments Limited |
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Company Information |
for the Year Ended 29 February 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Senate Court |
Southernhay Gardens |
Exeter |
Devon |
EX1 1NT |
Milber Developments Limited (Registered number: 08884623) |
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Balance Sheet |
29 February 2020 |
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29.2.20 | 28.2.19 |
Notes | £ | £ | £ | £ |
CALLED UP SHARE CAPITAL NOT PAID |
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FIXED ASSETS |
Investments | 4 |
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48,324 | 48,324 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act
2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
on its behalf by: |
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Milber Developments Limited (Registered number: 08884623) |
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Notes to the Financial Statements |
for the Year Ended 29 February 2020 |
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1. | STATUTORY INFORMATION |
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Milber Developments Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors have reviewed the company's forecasts and finance facilities and believe that despite the negative |
balance sheet, with their ongoing support, the company will manage its business risks successfully and will continue in |
operational existence for the foreseeable future. For this reason the accounts have been prepared on the going |
concern basis. |
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Preparation of consolidated financial statements |
The financial statements contain information about Milber Developments Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of |
the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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The investment is reviewed for impairment each year. |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. This relates to the purchase price of the |
property together with the associated costs of developing the property. |
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Revenue |
The company derives income from rental of premises currently held for development, net of VAT and discounts. |
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Rental income is recognised in line with the terms of the lease in place. |
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Presentation currency |
The financial statements are presented in Pound Sterling, being the functional currency of the company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2019 |
and 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Milber Developments Limited (Registered number: 08884623) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Other creditors |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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29.2.20 | 28.2.19 |
£ | £ |
Other loans |
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The loans are secured by three separate debentures. One of the debentures contains a fixed charge over the property |
at the north west of Blackenway Lane, Coffinswell, Newton Abbot, which is shown within work in progress, and a |
floating charge over the other assets of the company. The other two debentures contain fixed and floating charges over |
the assets of the company. |
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9. | RELATED PARTY DISCLOSURES |
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Included within other creditors is a loan from the directors. As at the year end the amount owed was £62,513 (2018 - |
£45,535). The loan is interest free and repayable on demand. |